|GUIDE TO MAINSTREAM LENDING PROGRAM|
|As a result of the Coronavirus Aid, Relief & Economic Security (CARES) Act,the Federal Reserve has created theMain Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses.
Please click here to read more
|SBA Small Business Guidance & Loan Resources|
|Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
To find out more about:
CLICK HERE to download the SBA Step By Step Guides.
|COVID-19: SBA PAYCHECK PROTECTION PROGRAM|
|Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
Read the full press release
|SBA Offers Disaster Assistance to South Carolina
Small Businesses Economically Impacted by the Coronavirus (COVID-19)
|ATLANTA – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to South Carolina small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Henry McMaster on March 17, 2020.
The disaster declaration makes SBA assistance available in the entire state of South Carolina; and the contiguous counties of Burke, Chatham, Columbia, Effingham, Elbert, Franklin, Habersham, Hart, Lincoln, Rabun, Richmond, Screven and Stephens in Georgia; and Anson, Brunswick, Cleveland, Columbus, Gaston, Henderson, Jackson, Macon, Mecklenburg, Polk, Richmond, Robeson, Rutherford, Scotland, Transylvania and Union in North Carolina.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist South Carolina small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
For more information about Coronavirus, please visit: Coronavirus.gov.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.
###About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
|SBA Assistance Resources in light of COVID-19 Pandemic|
| The COVID-19 pandemic has resulted in modified and additional SBA resources to help our small businesses, small aquacultural businesses, small agricultural cooperatives and/or most private nonprofit organizations.
Economic Injury Disaster Loans (EIDLs)
The SBA has approved the North Carolina Governor’s request for a disaster declaration, and you may begin the application process. Applicants are encouraged to apply online: https://disasterloan.sba.gov/ela/Account/Login?ReturnUrl=%2Fela%2FLoanApplication%2FStartApplication
Basic info on EIDLs:
|SBA Resources for Counseling and Training|
|The following SBA backed organizations provide assistance to small businesses in the state; email and phone counseling are available.
March 16, 2020
– $250,000 committed to American Red Cross to help its response
– $750,000 committed to nonprofits as response plans develop and local needs are defined
RICHMOND, Va., March 16, 2020 /PRNewswire/ — The Dominion Energy Charitable Foundation is committing $1 million to aid COVID-19 relief efforts across the United States. The funds will support national organizations, such as the American Red Cross, as well as address local needs.
“The health and well-being of customers and employees is Dominion Energy’s top priority. We are helping customers and communities we serve during this difficult time by maintaining reliable service and providing support and relief to those affected,” said Dominion Energy Chairman, President and CEO Thomas F. Farrell, II. “Our contributions to these organizations will help provide the means to lessen the impact of this outbreak.”
Dominion Energy is committing $750,000 to nonprofits to help assist the communities that are home to the more than 7 million customers Dominion Energy serves. Donations to local organizations will help address needs as dictated by response plans. Dominion Energy is also committing $250,000 to the American Red Cross as it continues to mobilize efforts to respond to the outbreak of coronavirus in the United States.
“The Red Cross is proud to count Dominion Energy as a partner to help us deliver our lifesaving mission nationwide due to the coronavirus outbreak,” said Don Herring, chief development officer at the American Red Cross. “As concerns about the coronavirus have grown here in the U.S., the number of cancelled blood drives has increased exponentially. The need for blood will continue as the outbreak grows, and we are grateful for the support from Dominion Energy to help those in need at this critical time.” The company is taking a number of measures to ensure it is able to continue providing energy to customers, while at the same time keeping employees safe and healthy. Dominion Energy knows the communities it serves rely on the company to provide an essential service. It takes seriously the responsibility to provide energy safely and reliably, all day, every day. To do that requires a workforce that is able and ready to do the work necessary to keep the lights on and the natural gas flowing. The company’s business continuity plans are in place and other steps are being taken to ensure reliable energy service 24-7. That includes securing supplies, reviewing staffing plans and coordinating with government health officials.
Customers should not have to worry about losing service during this critical time. The company has suspended all service disconnections for nonpayment. Residential customers previously disconnected due to non-payment may contact the company for assistance reconnecting service. In addition, the company is planning to waive late fees and reconnection fees and is seeking approval from utility commissions where required to do so.
Dominion Energy encourages customers to use its digital tools and other resources for routine self-service and 24-7 online account access as call wait times may be longer than usual. The company is here to help and encourages customers who may be facing financial difficulties to contact us.
For more information, visit https://www.dominionenergy.com/coronavirus.
About the Dominion Energy Charitable Foundation
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D). Through its Dominion Energy Charitable Foundation, as well as EnergyShare and other programs, Dominion Energy contributed nearly $48 million in 2019 to community causes. The Foundation supports nonprofit causes that meet basic human needs, protect the environment, promote education and encourage community vitality. Please visit www.DominionEnergy.com to learn more.